Review on NEM Nano Wallet by Ogulnar Annamuhammedova

NEM is the Smart Asset blockchain. It is more than a cryptocurrency, it is a data management platform. This is the easiest and most economical way to bring blockchain technology into your business.

NEM or New Economy Movement is a community-oriented cryptocurrency that traces the XEM symbol. NEM was originally launched as a fork of Nxt, but its creators eventually coded a completely new platform from scratch. The alpha version of the project was launched on June 25, 2014, and the first stable release took place on March 31, 2015.

The platform is unique for its 1-minute block time, its evidence-of-importance (POI) algorithm and its multivalued accounts, among other unique innovations.

Today, the NEM blockchain software has been implemented in applications outside of cryptocurrency. It is best known for being used, for example, in a commercial blockchain called Mijin, which is currently used by financial institutions in Japan and around the world.

The words "New Economy Movement", by the way, have fallen out of fashion, and the organization only ever refers to itself as NEM.

The platform has a unique design architecture with two components: a node (also known as a NEM or NIS infrastructure server) and a client (which communicates with the nodes).

Today the supported wallet for the platform is called NanoWallet, which is a complete cryptocurrency wallet built using HTML and JavaScript. The advantage of using these standard coding languages ​​is that the NanoWallet can run on any platform using a web browser. NanoWallet communicates with any NIS to transmit transactions to the rest of the network, as well as receive information about network events.

To use NEM, you first had to download the platform community client or NCC. NIS is connected to a P2P network and acts as a gateway for NCC. NCC comes bundled with a wallet. Today, however, most platform users simply download NanoWallet.

Both NCC and NanoWallet can be escaped from the Internet. Many users use this for enhanced security with the airgap system.

Another advantage of the platform is that it provides reliable protection against external attacks. If the wallet is only connected to NIS through a firewall, then it is almost impossible to break it. In addition, wallets can be used on any computer, and NIS is a node on the platform's network and can be hosted in remote locations.

This way, even if you have a cheap low power computer or mobile device, you can still interact with the platform's blockchain if you have internet. In addition, if a public NIS is compromised, the attacker does not have a direct line of attack on the NEM wallet software from NIS, which gives the platform an additional layer of security.